A year ago, Vice President Biden and I visited a small manufacturer in Solon, Ohio. The company, Wrap Tite, used an SBA loan to purchase and renovate their new facility and to hire five new workers.
While on the shopfloor of that plant, we announced that 13 of the nation's largest banks had committed to increase lending for small businesses by $20 billion over the next three years.
I'm pleased to announce that the 13 banks have already increased lending by more than $11 billion, putting them more than halfway to the goal in the first year of a three-year commitment. The continued success of this commitment serves as an important example of what is possible when the public and private sectors work together to assist America's small business owners and entrepreneurs.
And behind the $11 billion is the incredible impact that this lending, and the small businesses who received it, are having on our economy and our communities. From a small telecommunications equipment company in Connecticut to an Ohio entrepreneur selling his family's secret recipe cookies to a first-time business owner in Atlanta who acquired a metal fabrication business, financing under this commitment has helped small businesses all over the country to do what they do best: grow, expand and hire.
Over the last two decades, small and new businesses have been responsible for creating two out of every three net new jobs in the U.S., and today over half of all working Americans own or work for a small business.
From day one, this Administration has been committed to providing America's small businesses with the access and opportunity they need to succeed. We know that government doesn't create jobs -- small business owners do. But our role is to put the wind at their backs -- to provide them with the foundation, tools and opportunities to start and grow their businesses.
We've cut taxes 18 times for America's small businesses, passed the Small Business Jobs Act (the most significant piece of small business legislation in more than a decade), opened up new markets around the world for American small businesses to sell their goods and services, bolstered American manufacturing and strengthened America's small business supply chain.
Today, the economy is growing stronger and commercial lending markets are improving. However, we know gaps and challenges remain. To address these challenges, we've streamlined and simplified SBA loan programs to create more access and opportunity for both banks and borrowers -- and we opened up our product lines to more qualified lenders.
We're also helping more small businesses access government and commercial supply chains. And we're building regional ecosystems of entrepreneurship that accelerate innovation and foster job creation. In addition, we're working to ensure that American workers have the skills and training they need to compete and win in a 21st century economy.
We believe that entrepreneurs and small business owners are one of our nation's greatest strengths. And we know that when you embrace an inclusive vision of entrepreneurship, one that draws entrepreneurs of all ages, locations and backgrounds, not only do the businesses they start succeed, but America succeeds.
The banks participating in the commitment are: Wells Fargo, Key Corp, Regions Financial Corporation, Huntington Bancshares Incorporated, M&T Bank Corporation, JP Morgan Chase & Company, Citizens Financial Group, Inc., Citigroup, Bank of America Merrill Lynch, TD Bank, US Bank, PNC Bank NA., Sun Trust Banks, Inc.